Understanding Australian home office tax claims

Maximize your savings

Author

Maziar Foroudian
July 08, 2024

Latest Stories

Want to enhance your brand while making a positive impact? Tune into this week’s Let’s Talk Business for insights on how a robust Corporate Social Responsibility strategy could be your game-changer!

Are you part of the 37% of Australians who work from home? Learn how to maximise your tax savings this financial year by understanding how home office deductions apply to you with this in-depth guide.

Safeguard your small or medium business from costly cyber attacks with our top picks for SME cybersecurity solutions available today. Let us guide you to the keys for keeping your data, reputation, and finances secure.

Dive into the heart of the world’s next big innovation hub—Helsinki. Discover how the Founders to Finland and Venture Nordics programs can unlock unparalleled growth opportunities in the thriving Nordic region for your scale-up or venture capital investment.

Meet Anissa Cavallo, the resilient entrepreneur behind EDA Property. Her inspiring journey from struggle to prosperity showcases how strategic property investment can create a financial safety net for middle-aged women and deliver work-life balance.

Major revamping of Australian legislation aims for fairer payment practices. Discover how the reforms to the Payment Times Reporting Act 2020 could bring real financial relief to small businesses and boost the national economy.

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Top stories

Australia's government has announced an overhaul of personal insolvency laws, including a rise in the threshold for involuntary bankruptcy to $20,000 and clearing bankrupts' records after seven years. Subscribe for more details.

Australians are world's biggest consumers of fast fashion, contributing to an environmental crisis of textile waste. Government proposes a tax to tackle the issue, but there are calls for incentivizing natural fibres and promoting a circular economy.

Australia

Australian modelmaking shop Studio Kite has developed Cadzilla, a massive 3D printer that can create objects 8.5' square and nearly 12' tall. The machine, designed by Principal Engineer Steve Rosewell, uses pellets for cost efficiency and reduced waste.

Australian businesses must adapt to sweeping new privacy laws, with uncertainties looming. Attorney-General Mark Dreyfus plans significant privacy law changes. Media groups urge targeted ad pause until clarity emerges. Time to reevaluate privacy practices.

The Australian Government is looking into greenwashing effects, urging business leaders to consider employees impacted by misleading sustainability claims. Education, transparency, and employee involvement are key to combatting greenwashing. Leaders must empower their teams to detect and prevent such practices.

Australian Economy

Australia's transition to renewables faces challenges due to reliability gaps. Gas turbines, like Tallawarra B, will play a vital but infrequent role in backing up renewables. Efforts to drive the transition are ongoing, balancing gas use with cleaner energy alternatives.

Australian taxpayers are being dazzled by government advertising on recent income tax cuts, but the truth is that these cuts will be clawed back through bracket creep in just a few years. The tax-cut game is a temporary illusion.

World

SBA announces disaster loans for nonprofits in Texas counties affected by severe weather. Nonprofits providing essential services can apply for up to $2 million in low-interest loans for property damage or economic recovery.

Investors are preparing for Federal Reserve rate cuts in 2024. Bond options and REITs are emerging as significant investment opportunities. Diversification with ETFs like TLT, IGLB, and VNQ can capitalize on market changes.

A federal judge in Texas has temporarily blocked a Federal Trade Commission rule banning noncompete agreements, arguing the agency didn't have the authority. The rule could affect millions of workers and has sparked debate over its economic implications.

Tartar and Pogkas illustrate the Conservatives' loss in a creative way by using angled arrows as stacked bars on a map. The colors indicate party gains, with the head color showing the winner.

Tech

X's AI chatbot Grok is set to become more integrated on the platform. Users can expect new features like text highlighting and account background information prompts. Despite past stumbles, Musk aims for deep AI integration.

OpenAI's ChatGPT Mac desktop app raised security concerns as user chats were stored in plain text, making them vulnerable to bad actors. Despite recent encryption updates, the app remains non-sandboxed, requiring users to update for enhanced protection.

Google has released a new Chrome extension called EC Assist to help advertisers troubleshoot their Enhanced Conversions setup in Google Ads. This tool aims to make advanced advertising features more accessible and improve ad performance.

Nvidia emerged as the S&P 500's top stock in 2024 due to its pivotal role in the AI revolution. Other standout performers included Super Micro, Micron, and CrowdStrike. Surprisingly, utility companies like Vistra also saw significant gains. Wells Fargo remains skeptical about the sector's long-term prospects.

Curated for you

Entrepreneur contributors highlight the power and challenges of business partnerships, emphasizing the critical need for solid agreements. From ownership distribution to financial control, successful collaborations require careful planning and clear communication for longevity.

In today's world, value-driven marketing is vital for businesses looking to establish credibility and connect with customers. By aligning with consumer values and leveraging data, companies can boost profits and create lasting relationships. Embrace this strategy to stay ahead in a competitive market.

Women We Admire releases the Top 50 Women Chief Diversity Officers of 2024, showcasing leaders like Alison Francis of Costco and Pia House Walker of St. Joseph's Health. This reflects a growing trend in promoting diversity in corporate settings.

Google introduces advanced data management tools in Merchant Center Next, including attribute rules and supplemental data sources. These updates offer advertisers the opportunity to enhance product visibility and performance. Automated functionalities make managing Merchant Center more cost-effective.

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